Investing in Newmarket Real Estate
Although Newmarket is a small town in Southern Ontario, it is one of the most promising emerging markets. This is mainly thanks to its immense potential to grow, which is backed by the Places to Grow Act of the Government of Ontario. The town of Newmarket also employs several people as there is a diverse economy here, besides the fact that it is in close proximity to some of the major employment hubs. As per the census in 2016, Newmarket had a population of about 84,224 people. This has increased at a rate of 5.3% since 2011 when the population was 79,978 people. The population of Newmarket has been growing since with the densification and development of new condos in the area. As per statistics, the population of this town is expected to grow to 98,000 people by 2026. With a population density of 2000 people per square kilometer, Newmarket stands as the third-most densely populated in the Ontario subdivision and also the 33rd most densely populated in the country. With the densification program and several development plans on the way, Newmarket will soon become a hot destination for professionals as well as families, making it an ideal place for them to plant their roots. The economy in Newmarket is strong and includes a diverse array of industries including retail, knowledge industries, manufacturing and business services. Besides its own industry, some of the major thriving regional economies are also easily accessible from here.
List of New Condos in Newmarket
Why Buy New Condo Developments in Newmarket?
The Government of Ontario has identified Newmarket as one of the Urban Growth Centres through the Places to Grow Act. This plan mainly puts its focus on the Yonge Street and Davis Drive intersection as there is much potential here. The intersection of these two major thoroughfares is a vibrant part of the town and is currently a commercial sector where several condominium developments are in the pipeline, ranging from boutique condos to high rise condos and even communities. With several developments coming up, this is the best time to invest in a condo here as the prices will soar once the area starts to densify. The prices of pre-construction condos in Newmarket currently are comparatively less than its other counterparts across the Greater Toronto Area, making it one of the more lucrative options. Be it personal or for investment, Newmarket has immense potential to soon become one of the major employment hubs in Ontario. For now, it continues to be a place where you can enjoy a quiet secluded lifestyle while being close to and well-connected to the major urban centres in the region. Several new condo developments are expected to come here, mainly in the form of mid-rise condos. Some of the exciting new pre-construction condos in the region include The Davis Condo Residences and Redwood On Yonge Condos.
Education in Newmarket
The town of Newmarket is considered family-friendly and one of the major reasons behind this is the presence of several high-ranking elementary and secondary schools here. All of the schools are affiliated to either the York Region District School Board or the York Catholic District School Board. Newmarket also offers a diverse variety of courses when it comes to post-secondary education with a plethora of schools and institutes including Academy of Learning – Newmarket, International Hair Academy, Visions Hair and Esthetics Academy, Canadian Beauty College, Seneca Workforce Skills Centre and Saint Andrews College. Toronto and some of the other major cities are also easily accessible from here, which means that residents will also have the option of getting enrolled in some of the premier institutions such as University of Toronto, George Brown College, Ryerson University and York University.
Average Prices of Condos in Newmarket
The average prices on condos in Newmarket stand at $690 per square feet. The prices have however been following a growth pattern of 7% for the last 10 years. Rental rate on the other hand has been observed at $2,400 for the town of Newmarket, which is considering an appreciation of the rental rate at 4.8% for the last decade. There is a high demand for condominiums here as the vacancy rate sits at 0.9%. This is also another factor that makes Newmarket an ideal place to invest in when it comes to real estate. All types of homes in Newmarket, including condos, have an average resale price of approximately $890,014, while the average resale rate of appreciation has been observed at 8.9% for the last decade.
Life in Newmarket
One of the main benefits of living in Newmarket is its close proximity to the Greater Toronto Area as well as the rest of Southern Ontario. This town is bordered by Whitchurch-Stouffville in the east, King in the west, East Gwillimbury in the north and Aurora in the south. The northern borders of Yonge Street also lie within the borders of Newmarket. The Main Street street has been focused as its Downtown Core for over 100 years and features magnificent architecture that was constructed during the dawn of the new century. These historic buildings have been well preserved by the town and received a helping hand in 2013 when it was recognized as a Provincial Heritage Conservation District. The charm of this town has also been recognized by several institutions including MoneySense Magazine, which had ranked Newmarket as 10th out of the 200 best cities to live in Canada, and 4th in terms of the top 10 small cities in Canada. Newmarket was also ranked 20th in the 100 most romantic places to live by Amazon Canada. Besides all these awards and recognitions, Newmarket is also the birthplace of some of the most iconic celebrities including John Candy, Elvis Stojko and Jim Carrey.
Getting Around in Newmarket
The town of Newmarket has easy access to the Ontario Highway 404 which runs alongside its eastern border. This is one of the main reasons that driving is considered to be one of the best ways to get around in Newmarket. The convenient placement of Highway 404 also makes it easy for drivers to travel around Southern Ontario seamlessly. Markham is easily accessible from here thanks to the direct route provided by this highway. It also turns into Don Valley Parkway, which is considered as one of the major thoroughfares in Toronto. Driving is not the only mode of commuting as there are several public transit options available here to get around town. York Region Transit is one of the main transit services here and takes care of the Viva Rapid Bus transit system besides the local transit in Newmarket. Residents of Newmarket can also gain access to the Toronto Subway System through the Viva Rapid Bus transit system which runs from Finch Bus Terminal in North York to the Newmarket Bus Terminal. GO Transit is also available here thanks to the Newmarket GO Station located at Main and Davis’ northeastern corner. Commuters will have the option of choosing between bus and train services. The abundance in connectivity options also makes Newmarket an ideal pick for professionals who need to commute daily.
Questions & Answers
It is common for a condo unit to have an interim occupancy period between moving into the unit and the closing date (the final closing). Interim occupancy periods can last from 4 to 6 months, depending on construction progress. Upon completion of construction, the units will be available for occupancy. The homeowner must still pay interim occupancy fees even if they move into the home during the interim period. Other than taxes and condo fees, interim occupancy fees also include interest on the remaining purchase price. After the interim occupancy period is over, the final closing date will be notified to the buyers. A closing will result in the building’s registration, and ownership will transfer to the buyers.
Newmarket offers several attractions and things to do including sightseeing, biking, golfing, jogging, farm tours, shopping and much more. Some of the most sought-after sightseeing destinations include George Richardson Park, Fairy Lake, Mabel Davis Conservation Area and Riverwalk Commons. Newmarket also offers several historical and cultural venues in and around its borders which include Newmarket Theatre, Elman W. Campbell Museum, St. Paul’s Anglican Church and Canadian National Railway Building.
A real estate lawyer can assist buyers through the process of purchasing, selling, or refinancing resale homes or pre-constructed homes. Make sure the lawyer is experienced with your type of property, knows the market, and offers competitive rates. Whether a property is being purchased as a resale or as a pre-construction, a lawyer can assist with a title search, registering the property in the buyer’s name, preparing a Statement of Adjustments, and organizing financing. Your costs will vary depending on the type and number of services you’ll receive from a real estate lawyer.